Considering relocating for a new role? A move may be just what you need to make a fresh start. But there are a lot of practical considerations involved in a major relocation. Here are some things to consider.
Relocation Assistance
The first step is to talk to the hiring manager about relocation assistance. Depending on the company and your new role, you might be eligible for anything from a few hundred dollars to help pay movers, all the way up to a fully paid rental home in your new area. And some companies provide nothing at all. Make sure you are clear on exactly who pays for what, and whether the company pays directly or provides reimbursement when you turn in receipts.
Out-of-Pocket Expenses
It’s very rare for even the most generous relocation assistance package to pay for everything. Figure out what moving expenses you will be responsible for, and make sure they fit into your budget.
Tax Considerations
State income tax rates run the gamut, topping out at more than 13% for the very highest earners (income over $1 million) in California. Most states charge a progressive rate based on income, but some charge a flat percentage regardless of income. And seven states, including Florida and Alaska, charge no state income tax at all. Make sure you know the tax rates in your new state, or you risk bringing home less money than you thought each payday.
Everything Else
Every family is unique, with different considerations that could affect a move. If you have kids in school, be sure to look into their options in your new location. If you have complex medical needs, check into the quality of available care near your new home, as well as into how to transfer all of your records. Even banking may need some attention if you currently bank at a local institution. In short, create a basic written summary of your current life, including the businesses you interact with regularly. Then make sure you know what will replace them in the new area.
Relocation can be an excellent choice. But it requires a solid plan and plenty of money for the move. The more advanced planning you can do, the more likely your move is to be a success.
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